Malta Establishes Blockchain Taskforce

Jeremy Nation

6 months ago

On September 15, 2017, the government of Malta announced the formation of a Blockchain Taskforce that will review proposals and make recommendations to generate goals for a blockchain development roadmap.

The Parliamentary Secretariat for Financial Services, Digital Economy, and Innovation has been in consultation with blockchain-related stakeholders, according to the official announcement. Approval was granted by the Cabinet of Ministers for the formation of a National Blockchain Strategy in April 2017. With the momentum of this action, the Secretariat has moved forward to create the Blockchain Taskforce to bring about the implementation of the national strategy, guided by field experts.

The government of Malta seeks to capitalize on the advantages of blockchain technology, which it hopes will lead to creating a more efficient public sector. As per the official release:

"[T]he Government is ambitiously looking into the setting up of a new regulatory function with the primary objective of harnessing the technology with a legal operational framework, serving as a bold initiative leading to the formation of an ideal ecosystem for those willing to invest in blockchain technology."

The ongoing efforts of the European Commission's Directorate-General for Communications Networks, Content, and Technology (also known as DG CONNECT) to establish a Blockchain Observatory Forum is seen as a positive move by the Maltese Government. The forum would be focused on cultivating discussion while working with stakeholders to establish standardization. The government also notes that there has been a surge of interest in blockchain by a growing class of private investors both international and local.

The government of Malta will foster an open dialogue to develop innovative and disruptive projects, providing "a catalyst for the further growth of Malta’s digital economy."